Complaint Review: James & Suzanne Mandeville - TX Plano

On February 20, 2016 EquityBuild Finance added us as a "New Client".  On February 22, 2016, $110,000 was wired with the agreement that we would receive interest for Twenty-four (24) months.

On October 30, 2017, we received an email informing us that the "term on 8100 South Essex, a property we are a lender on is being extended for one year because the building is currently in the process of being renovated after the fire".  The extended time is "to account for the releasing".  So a total of approximately Eight (8) months was forced.  We had called regarding the situation, the representative in turn consulted [email protected].

She sent a "pay out history" hoping that would suffice, as we were upset initially that we had not received interest for six (6) months upon investing with EquityBuild Finance.  The new extension concern was never understood and swept under the table.

Our US Bank Statement June 14 - July 13, 2-18 reflected no interest. We called and inquired.  John Allread had related that he lost "hundreds and thousands of dollars" as well.  

On August 3, 2018 we received an email that directed our attention to paragraph #7; "It was then, at the end of 2015, that we were faced with the question as to whether or not we should file for bankruptcy and just tell everyone we were sorry but that we couldn't handle the mountain that we needed to climb.  We decided to persever and committed ourselves to making our lenders whole by devoting the majority of our profits and shrinking the gap over time so that we could shield our clients and honor our original comitments to them."

Disturbing to date 1)  They solicited investors KNOWING they were anticipating Bankruptcy("end of 2015", we were added 2/22/16   2)  They continue to solicite today on their website under EquityBuild Finance.

Soon after that email, we received correspondance from John Allred that suggested that it was too bad and that he would keep us informed.  Our email asked 1)  Why he would say that we were not responsibile for any one physical property and then turn around and force an extension on the contract due to a "fire that made national news" on a SPECIFIC property   2)  What happened to the insurance money?   3)  Is there a Chapter 12 "Restructuring" occurring.

John Allred was of course offended at the inquiries.  He sent an email stating "maybe you won't have" go down without a fight.  Attached to the email was a link to a video where Shaun Cohen, advised us to "do nothing" so that we have a greater chance of having our capital returned to us along with interest.  

A complaint to the Florida ..Consumer Services was then launched.  On August 20, 2018, they closed the case pending another physical address as the complaint to Equity Build, Inc., 1083 North Collier Blvd. #132, Marco Island, Florida 34145, with phone 918-286-7992 no longer existed.

We would indeed like our Capital Investment returned...whether or not it comes with interest as it is our life savings.